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Tags: Oil Barrels

Nigeria lost 700,000bpd of oil to pipeline vandalism in 2016 – NNPC MD

Nigeria lost 700,000bpd of oil to pipeline vandalism in 2016 – NNPC MD

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that an average of 700,000bpd of crude oil was deferred in 2016 due to pipeline sabotage, saying this brought Nigeria’s production down to as low as 1.3 million barrels per day from 2.2 million barrels targeted for the period…. READ MORE

Why Nigerian govt, states must establish functional sovereign wealth fund – NEITI

Why Nigerian govt, states must establish functional sovereign wealth fund – NEITI

The federal and 36 state governments must remove bottlenecks to a functional sovereign wealth fund, SWF to provide cover against shocks during periods of instability in global oil prices, the Nigerian Extractive Industries Transparency Initiative, NEITI, said on Tuesday. To achieve this, the transparency and accountability agency urged the two tiers of government to demonstrate… READ MORE

NNPC: Nigeria earns $2.5bn from oil, gas export

NNPC: Nigeria earns $2.5bn from oil, gas export

Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC). Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC). NNPC, which made… READ MORE

OPEC Production Spikes – Has The Cheating Begun?

OPEC Production Spikes – Has The Cheating Begun?

OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12 million bpd–the highest level since January this year–as exempt Libya and Nigeria saw their respective output sharply recovering, according to an S&P Global Platts survey. Despite the high compliance from the cartel’s biggest producer and de facto leader Saudi… READ MORE

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